Anshuman Singh, CTO, Enterprise Services of HP Asia Pacific and Japan discusses how cloud computing is changing the dynamics of the financial services industry.
January 25, 2013 | Carol Wheatcroft
“The business operational model between financial service providers and IT providers is fundamentally changing,” said Anshuman Singh, HP Enterprise Services’ chief technology officer, Asia Pacific and Japan, in a recent interview with The Asian Banker, noting the high levels of interest in cloud services from customers across the region.
Cloud computing is an evolving IT service delivery model normally described in terms of private, managed, public or hybrid cloud. In all cases, cloud services for banks are provided through the combination of hardware, software, system and data management tools from within data centre. The difference between each model is determined by where the data centres are located, who manages it and who else shares the facility. Private clouds are built within banks’ premises or data centre whereas managed clouds are hosted at IT providers’ data centres with trade-offs to be made around banks’ risk propensity and need for control, and their desire to reduce cost and access easy scalability. Public clouds, where data is shared across multiple locations, are not typically recommended for financial services due to local regulations.
For several industries, and especially financial services, data security and data sovereignty (ensuring compliance with regulators’ demand that data is managed and maintained within national boundaries) is key, and as a result IT services providers have so far tended to make their data centre investments in Asia’s larger economies – Singapore, Korea, Japan, China, India, Indonesia and Malaysia. According to Singh, this was where the major portion of growth in cloud is occurring with a second wave coming from countries such as Vietnam, Cambodia, Taiwan and the Philippines.
So how does the cloud model differ from traditional outsourcing? The major difference between the two lies with the advantages that the cloud model brings. For example greater flexibility, ability to mov...
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Categories: Data & Analytics
, Data Management
, Technology & Operations
, Anshuman Singh
, Cloud Computing
, Data Security
, Data Centre
, Hybrid Cloud